Blog on caregiver, cleaning and health care related matters.
Jul-28-2020 | Uncategorized,
Caring for Seniors: Managing Finances
Care is an expensive part of getting older. Everyone will need some type of long term care in their senior years. This knowledge does not make planning for these financial eventualities any easier. Long-term care insurance is one option that helps with the cost of care as people age. This article provides an overview of what this insurance option is and what it covers.
What is Long-Term Care Insurance?
Long-term care insurance covers services that help seniors as they get older. It helps with the cost of having assistance for activities of daily living or ADLs such as bathing, dressing, and transferring. Traditional health insurance doesn’t cover such costs. This insurance can cover:
– In-Home Care
– Home Health Aides
– Care at an Assisted Living Facility
– Care in a Nursing Home
Long-term care insurance is an option that some seniors choose because they may not want to use a loan, property sale, or to depend on family to help out if care is needed.
The Benefits of Long-Term Care Insurance
Long-term care insurance can help pay for in-home senior care and seniors can stay at home longer. The insurance will typically begin covering services when assistance is needed with two or more ADLs. Because it covers in-home care, a senior can have caregivers come into their home and help them with ADLs along with things like cooking and cleaning.
The costs of moving to assisted living or to a nursing home has a monthly rate starting at $6,000 on average excluding the cost of medical care. If you are a senior in need of care, the cost is typically less expensive to stay at home with care.
What to Keep in Mind About Long-Term Care Insurance
The best time to buy long-term care insurance is between the ages of 50 and 65. Waiting longer may mean an increase in cost, especially for those with an existing condition. Insurance premiums are not cheap but for those who can’t afford care out-of-pocket and are not considered low-income, long-term care insurance is something to think carefully about.
If you’re in need of in-home senior care, reach out to the staff of Polish Care Services 860-255-8278 or care@polishcareservices.com. We can help walk you and your family through the options for in-home senior care.